Assets that move people and goods around the world: strategic roads, the rail network, airports and ports, the rolling stock running on the rail system, and the charging networks powering electric vehicles.
Transport assets are defined by where the demand risk sits. At one end are availability-based assets, where a government or counterparty pays for the asset to be open and maintained regardless of use; at the other are merchant, demand-exposed assets whose revenue rises and falls with traffic, passengers or throughput, with regulated and concession models in between.
That single distinction drives everything: the cost of capital, the gearing the asset can carry, and the return a buyer should demand. The references below run from toll roads and rail to airports, ports and the charging networks powering the shift to electric vehicles.